Citizens who want to replace expensive loans in one bank with a cheaper loan from another bank will be able to do so quickly and easily without administrative procedures and without paying any fees.
For that, the National Bank of Serbia issued Instructions, which will have to be applied by all banks from July 1, 2021.
According to the previous practice, a user who wants to repay a loan early through a loan to refinance another bank, had to perform a series of activities – to submit a request for early repayment, to request a certificate of debt on a certain day, to go to another bank from which he is seeking a refinancing loan, the NBS said in a statement.
However, despite all these activities undertaken, it may happen that the loan is not fully repaid, due to a possible discrepancy in the change of data on the debt situation, because these data may change on a daily basis, or for some other reasons.
In addition, in practice it often happens that users do not follow the agreed procedure, ie do not submit a request for early repayment, do not obtain a certificate of debt, etc., as a result of which the loan is not closed, so they get into a situation for some time.
In order to prevent such situations, the NBS has issued this Instruction on refinancing loans with another bank, which will at the same time release the users of these administrative activities, and make the early repayment procedure faster and more efficient.
Namely, users who want to repay their expensive debts to the bank prematurely (credit, credit cards, allowed overdraft) with a cheaper loan from another bank will be able to do so only by going to the bank where they found a suitable refinancing loan.
All communication with the bank whose loan the user wants to refinance, is taken over by the bank where the user takes the loan for refinancing.
Banks may not charge the user any fees or costs related to these obligations.
In this way, the NBS points out, all users who want to reduce their existing credit obligations, ie to reduce the price of their loans – are provided with appropriate convenience, because all activities related to that are taken over by the bank.
In addition, the instruction provides full transparency and a structure for calculating the amount needed to make a full early repayment of the loan.
Banks are obliged to inform users who intend to submit a request for loan refinancing about the advantages of loan refinancing by applying this instruction of the NBS, as well as to publish information about it on their websites, according to the central bank.
In addition, users who intend to refinance their credit obligations with one bank with a loan from another bank may request the bank with which they intend to take a loan to inform them more closely about the application of this instruction, Novosti reports.
